Lots of tax changes

New laws, extenders and further implementation of the tax reform act -- never has it been a more important time to choose an Enrolled Agent to prepare your tax returns or help resolve tax problems

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What is an Enrolled Agent?

Enrolled Agents are the only nationally licensed tax professionals, authorized to represent taxpayers with the IRS anywhere in the country. Enrolled Agents specialize in taxes, so they truly are America's Tax Experts®

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Find an EA near you

Whether it's for tax preparation, tax planning or tax problem resolution, here's where to find an EA:

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Tax Headlines

Latest coronavirus-related tax news

Economic Impact Payment: If the IRS does not have current bank information for you to be able to do direct deposit, you can provide your current bank info at https://www.irs.gov/coronavirus/economic-impact-payments. Currently, the service is available for people who have not filed a return. Within the next few days, a tool will be available to update bank info for taxpayers who have filed.

Social Security recipients who don’t need to file tax returns and have their Social Security benefits direct deposited don’t need to do anything. They will receive their Economic Impact Payments based on the Social Security information.

The Economic Impact Payment will not be taxable on your 2020 tax return.

June 15 estimated payment: Besides the April 15 estimated tax payment previously extended, today’s the IRS has now extended relief to estimated tax payments due June 15, 2020. This means that any individual can wait until July 15 to make that payment, without penalty.

Paper returns: The IRS is not currently able to process individual paper tax returns. All taxpayers are urged to file electronically. Paper returns will be processed once processing centers are able to reopen.

Calling IRS: IRS phone lines supported by customer service representatives for both taxpayers and tax professionals are not staffed at this time.

IRS Coronavirus news: In addition to https://www.irs.gov/coronavirus, IRS has set up a separate page for the flood of coronavirus-related news releases: https://www.irs.gov/coronavirus/coronavirus-and-economic-impact-payments-resources-and-guidance.

Latest IRS info:

Coronavirus Tax Relief Center

Filing and Payment Deadline Extended to July 15, 2020 – Updated Statement

Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related

Coronavirus Tax Relief

The IRS and Arizona have extended the due date to July 15, 2020, both for filing Federal income tax returns and for payments due April 15 for individuals and other unincorporated entities.

Associated interest, additions to tax, and penalties for late payment will also be suspended until July 15, 2020. Taxpayers will not need to appy for relief from penalties and interest for payments made during this time.

The IRS established a special webpage at IRS.gov/coronavirus for tax-related information. For more information, see Tax Day now July 15 and Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak (Notice 2020-17).

SECURE changes retirement options

The SECURE law passed in late December presents 29 new provisions for retirement accounts. Among the highlights:
• Removes the age 70½ limitation for contributing to an Individual Retirement Account (IRA).
• Moves the age for starting Required Minimum Distributions (RMD’s) from 70½ to 72.
• Requires inherited IRA beneficiaries to take all of the funds within 10 years.
• Creates a tax credit of $500 to help smaller employers which automatically enroll workers in their retirement plan.
• Eases the process for small employers to take part in multi-company (pooled) retirement plans.
• Allows annuities to be offered within retirement plans.
• Waives early-withdrawal penalties for childbirth or adoption.

Seniors get their own tax form

A new tax form, the 1040-SR, will debut for 2019. It is specifically for taxpayers age 65 or older, and is intended as a somewhat simplified version of the regular 1040. The short-form versions, the 1040-EZ and 1040-A, eliminated in 2018 were used by many older taxpayers.

Arizona passes full conformity

The Arizona legislature passed a bill to have the state tax laws fully “conform” (follow) the federal rules starting with 2019. As a result, Arizona no longer has personal exemptions and a low standard deduction. The new standard deduction amount is the same as the federal, so many people who took the standard deduction on their federal returns but itemized for the state will no longer do so.